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Polarity TE, Inc. (PTE) Stock Plunged 13.42% Pre-Market, Here’s Why

Polarity TE, Inc. (PTE) stock plummeted 13.42% in the pre-market trading session at the price of $0.3. The company recently reported an SEC filing of Form DEF 14A. The pre-market decline in share price can be attributed to profit-taking by investors.

PTE Fiscal 2021 Financial Results

On 30th March 2022, PTE provided corporate updates and published its earnings report for the fiscal year ended 31st December 2021. On 31st December 2021, KLDO had cash and cash equivalents of US$19.4M with working capital of US$17.7M. The company doesn’t expect its cash and cash equivalents to fund its current business programs beyond Q4 of 2022.

Net revenues lowered by US$0.7M, or 7 percent, for the year 2021, compared to last year. For 2021, operating expenses dropped US$12.9M, or 25 percent, compared to 2020. The company reported a year-over-year decline of US$12.3M, or 27 percent, in operating loss for the year 2021. Net loss declined US$12.7M, or 30 percent, for the year 2021, compared to the previous year.

PTE Market Updates

Given the importance of intellectual property, Polarity TE is creating a patent platform that safeguards its regenerative tissue technology incorporated in SkinTE. It is the company’s top priority to protect this technology while advancing the approval of SkinTE in its first Phase-III clinical study. The stock has focused on driving shareholder value using its intellectual property and differentiated technology.

In less than a year since the announcement to shut down operations for SkinTE, PTE stock has made significant progress towards long-term growth and prospects by submitting its IND and resolving FDA-identified CMC issues. The company is now on track to bring SkinTE into the clinic for subjects suffering from hard-to-treat injuries. After reaching the significant landmark of IND approval, PTE looks ahead towards the next critical phase of treating patients in the first pivotal study.

Conclusion

PTE is capable enough to raise its capital quickly, which indicates the strong willingness of its investors to fund its operating costs. Polarity TE lately issued another US$5M in the securities to build a good cash runway to roll out its project for sixteen SkinTE operations by May of 2022.

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